Tag Archive | business growth

Coping with Rapid Business Growth

The rapid growth of a business can be an exciting time for the owner who has worked so hard to get it off the ground. Now the sales are up, profits are getting better and the dream is all starting to take shape.

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The change can be sudden and a bit disconcerting if you are not properly prepared to handle a rapid business growth. The challenges you are going to face are different from the ones when you first started, but nonetheless are very real and it is just as important you overcome them.

  • How Has It Happened?

The first thing you need to understand is what has brought about this sudden and rapid growth. You need to analyze the strategies you have in place, and why you are standing out above your competitors.

Has the key to scaling sales in your business been new staff you have employed? Have you improved the quality of your product? Have you had a special offer that has worked?

There could be no end of reasons why this upturn has happened and you need to know why so you can make sure it continues.

  • Do Not Let Your Customer Service Quality Drop

You must maintain a good customer service, no matter how busy you are. You have to remember that with no customers you have no business, and giving them a poor service will send them to your competitors quicker than anything else.

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If until the growth started they have always received an excellent service, you should maintain that, as it is what they will always expect. If you want them to stay as loyal customers, do not let the customer service quality drop.

  • Raising Finances

As an entrepreneur, you need to look closely at how this rapid surge in sales will affect your finances. Look at your assets, your overheads and your inventory to see if they are being impacted, and if so what do you need to do to stop it having an adverse effect on your business?

You may need to raise some extra finance, as it is not unusual for a rapid growth to be the reason a business fails. The growth can be so quick that the company cannot sustain it, but an injection of cash by a bank loan or maybe an investor could solve the problem.

Be prepared to put a business plan and cash flow forecast together as you may need them to be able to show how good your business has become.

They should show that the cash injection will make the difference and mean you will then be able to sustain the growth that is happening.

  • Be Careful When Hiring

You may now be in a position where you need more staff to cope with the demand. Anyone you employ can affect your business and you need to take care that they will fit in with the rest of your team, and be capable of the work you are hiring them for.

Everyone you take on will need some form of training, even if it is just in the way you do things. Make sure they have this training as soon as they start, and you will soon know if they are up to the task in front of them.

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Your employees are your biggest asset, but if your team does not have the right people, or is at loggerheads, the rapid growth you are experiencing could halt, and your business could be back to struggling along.

  • Could New Technology Help?

Technology is evolving all the time with new innovations being developed every week. Keep your eye on any advancements in the industry you are in, as it can be quite amazing how a new piece of software or a piece of updated equipment can make your business more productive.

The more productive your business is, the easier it will be to cope with this sudden and rapid growth.

This is something you should consider when you are looking to raise extra finance, as some equipment, for example, can be very expensive.

  • Be Flexible

You will have to be flexible and prepared to change the way you operate if you are to come out the other side of this rapid growth as a stronger business.

Being able to adapt to the changes in your business and try varying strategies is one of the best ways to approach the scale of your growth.  

It will also mean that any challenges you face will be less of a problem if you keep an open mind and are not against change.

 

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How Your Business Can Go Above and Beyond

Above and beyond.jpgIt’s time you took command of your company and the direction it’s taking. There are so many things you need to prepare yourself for. Think about how the company will change in the future, and how you can make it better.

Don’t Get Comfortable

There’s always a danger in business, and in life, of getting too comfortable. You should never settle. It’s so easy to get to a place in your business and then just settle for where you are. Sure, you’re satisfied with what you’ve achieved, and you’ll happily settle for that. Well, that’s just fear of talking. You’re just scared of stepping out there on the edge of the world and trying to make something of yourself.

Settling is one of the startup mistakes entrepreneurs like you have to avoid. Never settle for anything you’re not happy with. You also need to make sure you don’t let the company stagnate. Always be receptive to change, and always look at ways you can drive the company forward and break new ground. You should always want more for yourself and your business; this is what winners do.

Always Look to Break Boundaries

If there is one word you need to always be focusing on in the business world, its innovation. Constantly reinventing yourself and your brand is so important for keeping ahead of the game. You need to make your mark, turn heads, tear down walls and change the business landscape. Consider how much Apple has changed the world by daring to be different, and breaking new ground.

You should always be looking for ways of taking your company one step further. Always have your eye on success, and then further success. You can always develop, get better, and drive your brand further. But, you need to think about the best way to do this. And consider how to successfully protect your company while transitioning and daring to try new things.

Who Gives You Extra?!

It’s so important to ensure that you give your clients and customers more than they are expecting from you. You have to understand that, running a business, you are in the service game. Every business is a customer service business, but some of them seem to forget that sometimes.

So, you need to consider how you can do more and give more for your clients. This will, of course, vary depending upon the business you run. Restaurant promotion ideas for clients would be different too, say, marketing a building firm. But the basic principles remain the same. You have to look at what your customers want, and then give them extra. If you can take that extra step for clients you will ensure customer retention, repeat business, and you’ll boost your reputation.

It’s really vital that you look at how you can do more as a business. Too many companies these days reach a level of success and then just look to stay there. They don’t want to progress or achieve anymore for their brand. This is the wrong approach to take. You should always look to better yourself and move forward. Your business can always do more, and you need to put that into action.